2018 CFO Awards

18 Acquisition International - 2018 CFO Awards GCF18005 Banking CFO of the Year 2018 - Cyprus Ancoria Bank Ancoria Bank is a newly established banking institution in Cyprus offering the complete range of products for individuals and businesses alike. Since inception CFO Savvas Pashias has been leading the Finance department, drawing on his vast industry expertise. Despite being created during a period of financial turmoil for the Cypriot market, and facing many challenges, Savvas has worked hard to drive the bank to success. He explores the challenges he and his team have faced over the years. “The sector was hit hard in 2013 following unrestrained credit growth over the previous years which rocketed private debt over the roof. The global financial crisis provided a further knockback as the real estate and construction sectors suffered a severe blow with falling property prices. This was a disastrous development for the banks’ balance sheets as non-performing loans started rising.” However, in this challenging space, Ancoria Bank has flourished thanks to its innovative approach, as Savvas describes. “Ancoria Bank seemed at the time the contradiction to the norm, the safe harbour in the storm. When other banks were downsizing personnel numbers, Ancoria Bank was giving the chance to young graduates to begin a career in the financial sector. We established strong governance values, prudent lending policies and resilient Know-Your- Customer procedures. In a nutshell, we had a chance to do this right from the beginning – and we did.” In almost 3 years of operations, Ancoria Bank does not carry any non-performing loans on its balance sheet. After securing a financial bailout from international lenders in 2013, Cyprus has been on a steady path to recovery ever since. Despite the tough terms of the bailout, Cyprus has beat estimates and returned Bourgeoning financial institution Ancoria Bank offers a range of personal and business banking products and services. We spoke to CFO Savvas Pashias to find out how he has contributed to its success. Company: Ancoria Bank Ltd Contact: Savvas Pashias Address: Head Office:12 Demostheni Severi Avenue, 1st Floor, 1080 Nicosia, Cyprus Phone: +357 22 849001 Website: www.ancoriabank.com